HARTFORD >> A Venezuelan financier awaiting sentencing in a massive fraud scheme argues in a request for leniency that he was used as a pawn by the South American country’s government, saying that he was coerced by corrupt officials into covering up investment losses.

Francisco Illarramendi, who ran unregistered hedge funds in Connecticut, pleaded guilty in 2011 to the scheme that exposed investors to more than $300 million in losses, including more than $100 million from Venezuela’s state oil company.

Illarramendi said in court papers filed this week that he should receive no more than six months of home confinement in addition to the time he already has spent in jail. Federal prosecutors have not yet provided their recommendation for sentencing, and a spokesman for the U.S. attorney’s office, Tom Carson, said it would respond to Illarramendi’s claims in court.

Illarramendi, 45, the son of a Venezuelan diplomat, has lived in the U.S. for years but developed an expertise in Latin American financial markets, serving for a time as an adviser to Venezuela’s oil company.

In the court filing, Illarramendi says the crime began in 2005, when he traveled to Venezuela for a wedding and was asked to broker the sale of a $50 million bank note on behalf of the country’s government. He said the buyer balked, and he tried to back out of the transaction himself, but received pressure from government officials. He said the transaction’s failure produced the initial $50 million loss that the fraud scheme was designed to cover up.

Without providing details of the alleged threats, Illarramendi says he continued to fear for his family’s safety as his efforts to make up the shortfalls were stifled by profit-minded Venezuelan government officials.

“Mr. Illarramendi had to comply with the demands of the corrupt Venezuelan officials, and could not disclose the loss to the funds under his management for fear that such disclosure would directly implicate the same individuals who made threats against him and his family,” his filing said.

Venezuela’s information ministry did not respond to a request for comment.

The court-appointed receiver has alleged that Illarramendi carried out the scheme with help from people in Venezuela, including an oil company manager. The receiver has filed lawsuits seeking the return of tens and millions of dollars in what he said was bribes and kickbacks.

Illarramendi has pleaded guilty to several counts of fraud and conspiracy to obstruct justice. Prosecutors say he lied repeatedly to investors and creditors as part of a massive securities fraud and made up fraudulent documents to prevent a civil fraud investigation.

Illarramendi said in his filing that he has met with FBI agents and representatives from federal prosecutors’ offices in Connecticut and Massachusetts more than 40 times to discuss the case, in which two co-conspirators also have been convicted. Sentencing is scheduled for later this month.